
For those of you waiting on a resolution of the registration requirement for Beneficial Ownership Interests (“BOI”) under the Corporate Transparency Act (“CTA”) you are still waiting despite recent court actions. On January 23, 2025, the United States Supreme Court reimposed the stay of the nationwide injunction issued by the United States District Court in Texas Top Cop Shop, Inc., et al. v. McHenry, et al. The effect of this was to lift the injunction and once again allow the Financial Crimes Network (“FinCEN” to require qualifying companies to register their BOI. However. another District Court in Texas issued a separate nationwide injunction in the case of Smith v. U.S. Department of the Treasury. This stay remains in place so once again FinCEN is not requiring BOI registration. It continues to allow voluntary registration should a company want to take advantage of it. Presumable this new case will have to work its way through the appeal process which, together with the uncertainty of whether the new administration in Washington will make registration a priority, continues to lead to uncertainty and a lack of direction for BOI registration. As of now, the position of FinCEN is that registration is voluntary. Stay tuned.
For the current position of FinCEN go to https://fincen.gov/boi. If you have questions or need assistance with registration, please contact the Sasser Law Firm LLC at info@sasserlawllc.com.
The information contained in this article should be considered general in nature and does not constitute legal advice. If you wish to obtain further information on the topic discussed, you should seek legal or other advice specific to your situation. Steven C. Sasser and Sasser Law Firm, LLC are licensed to practice in Alabama and this article should not be seen as an attempt to solicit legal services from outside of Alabama. No representation is made that the quality of legal services performed are greater than the legal services performed by other lawyers.
Comments